THELOGICALINDIAN - Twice aural the accomplished anniversary bitcoin prices accept reacted acerb to ascent geopolitical tensions reinforcing its cachet as a safehaven asset
Bitcoin Surges 10% on Iranian Missile Attack
Over the accomplished brace of hours, BTC has surged to ability a seven-week aerial of $8,450 according to Tradingview.com. The move has apparent an about 10% accretion back its intraday low of $7,700 yesterday.
Since the drive began aftermost Friday afterward the US airstrike in the Middle East, bitcoin has gained an absorbing 22%. While this assemblage is not yet as big as the China induced pump in backward October, it has all the abeyant to be.
The move was triggered by backfire from Iran in the aboriginal hours of Wednesday morning. According to news reports, added than a dozen missiles were accursed at two Iraqi bases accepted to abode US aggressive personnel.
US President Donald Trump appears to be amusement in the battle and achievability of absolute war tweeting ‘All is well’ and ‘So far, so good!’ afterward the attack.
The ascent tensions accept renewed the safe-haven asset anecdotal for bitcoin aloof as Trump’s barter war with China did aftermost year. The new basic is abounding into the asset which has admired it from a six-week ambit apprenticed approach to tap new highs for the year.
Analyst and banker ‘Crypto₿irb’ acclaimed the correlations;
Just as they did aftermost week, added safe-haven assets such as gold and oil are additionally surging. Gold prices topped $1,600/oz today which is a new six-year aerial and oil prices are additionally cranking at the moment.
Bitcoin has durably anchored itself amid them as a safe anchorage asset alluring new money in times of adversity.
Where Next For BTC?
Now that longer-term abstruse indicators are flipping bullish and trend curve accept been broken, analysts are eyeing the next move for bitcoin.
Fellow analyst Josh Rager added
$8,800 appears to be the abutting abbreviate appellation attrition akin area Fib retracements align.
Now that the 50-day affective boilerplate has been breached, it has started to about-face upwards. A longer-term ambition is the 200 day MA which currently lies at $9,200.
The bogeyman of war accumulated with a bitcoin halving could about-face 2020 into the mother of all rallies.
Will bitcoin amount top $9k this week? Add your comments below.
Images via Shutterstock, BTC/USD archive by TradingView, Twitter: @crypto_birb, @CryptoFib
